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USOil: Shorts fall

2022-11-18
510
Fundamental analysis:

Crude oil remained volatile around 81.660. As TC Energy removed the force majeure of its Keystone pipeline, more oil will flow to the United States. The pipeline bears 622000 barrels/day of oil supply in the Midwest of the United States and along the Gulf of Mexico.


Crude oil USOil - 4-hour K line chart shows:



Technical analysis:

The 4-hour chart shows that the bearish power continues to decline, and the short-term decline has not stopped. The overall downward trend of the market is good. The MACD indicator is in the bearish area and continues to move downward, while the RSI indicator is in the bearish area and is in the downward trend of consolidation;

Empty turning point: 82.102

Pressing: 82.967, 83.762

Support: 80.946, 79.963

Trading strategy: 82.102 down bearish, target 80.946, 79.963

Alternative strategy: bullish above 82.102, target 82.967, 83.762

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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